Evercore lowers Arm price target, would be buyers ahead of Everywhere event

Evercore ISI lowered the firm’s price target on Arm (ARM) to $170 from $215 and keeps an Outperform rating on the shares. In the near term, the firm expects bears to focus on how higher operating expenses will cause analysts to lower June quarter estimates, but longer term the firm thinks Arm’s upcoming analyst “Arm Everywhere” event will bring investors to its view that the company has five-year earnings power of $9-$15 per share, the analyst says. “We think Arm (the company and stock) is about to embark on a remarkable transformation, and are buyers in front of its March 24th event,” the analyst added.